There is a newer version of the Maryland Code
Maryland Corporations and Associations Section 4-502
§ 4-502.
  A close corporation may not have outstanding any:
    (1)   Securities which are convertible into its stock;
    (2)   Voting securities other than stock; or
    (3)   Options, warrants, or other rights to subscribe for or purchase any of its stock, unless they are nontransferable.
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